• The Wall Street Journal reports that Walmart has begun using the online record-keeping technology known as blockchain “to manage supply-chain data for mangoes, berries and a couple of dozen other products. The system, built with International Business Machines Corp., will help Walmart figure out where bad food came from during product recalls.”
The story notes that “a blockchain ledger allows participants to add blocks of information after each party runs algorithms to evaluate a proposed transaction. If the parties agree that the transaction looks valid — identifying information matches the blockchain’s history and follows the rules created by the participants — then it will be approved, time-stamped and added to the chain. The data, encrypted and unchangeable, is always up-to-date on all participants’ systems.”
The story notes that “a blockchain ledger allows participants to add blocks of information after each party runs algorithms to evaluate a proposed transaction. If the parties agree that the transaction looks valid — identifying information matches the blockchain’s history and follows the rules created by the participants — then it will be approved, time-stamped and added to the chain. The data, encrypted and unchangeable, is always up-to-date on all participants’ systems.”
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